The social video platform Triller, which began as something of a TikTok clone and more recently expanded into pay-per-view boxing matches, will go public through a merger with video advertising technology company SeaChange.
The merged company will go by the name TrillerVerz, and will trade on the Nasdaq under the ticker “ILLR.” It will be valud at about $5 billion, the companies say.
SeaChange, which has operated its legacy video advertising business since the mid-1990s, will become an operating subsidiary of TrillerVerz. (In March, Triller parent Triller Network acquired the popular livestream music platform Verzuz.) Triller is currently controlled by Ryan Kavanaugh, who previously founded Relativity Media.
In the merger announcement, the company said that it believes “it is positioned to become a leading AI-powered social media platform for content, creators & commerce” and that it “will create a leading voice on the Web3.0 movement and embrace the power of decentralized systems to enable greater participation in the multi-hundred billion dollar creator economy.”
TrillerVerz CEO Mahi de Silva will be CEO of the combined company, with SeaChange CEO Peter Aquino continuing to serve as an executive with the company.
“We believe TrillerVerz is becoming the voice of youth culture, a brand that sits at the nexus of content, creator, commerce, and culture in the digital world,” de Silva said in a statement. “Our strategy is to continue to build the world’s largest stage for creators to distribute and monetize viral and engaging content with experiences that elevate culture. We believe that combining with SeaChange accelerates our advertising and marketing capabilities by extending our reach to cable, satellite, and OTT media. We believe the proposed Business Combination will enable investors to participate in the expected growth of TrillerVerz and enable TrillerVerz access to the capital markets, which we believe will help accelerate growth.”
